Hong Kong’s securities regulator has banned a former account executive of investment banking and advisory firm Core Pacific-Yamaichi International (HK) (CPYI) from the industry for six months from yesterday (October 26).
Wong Sze-Yiu will not be permitted to work in financial services in Hong Kong until April 25, 2016, as a result of failures in relation to managing a client’s account on a discretionary basis.
From around February or March 2012 until September 2014, Wong conducted discretionary trading in a client’s account without obtaining her written authorisation, and without the knowledge and approval of his employer, said the Securities and Futures Commission (SFC).
Although the client had verbally authorised Wong to trade in her account on a discretionary basis, the absence of written authorisation prevented monitoring and supervision by Wong’s employer, CPYI.
The SFC considers that Wong’s conduct resulted in non-compliance with the regulatory requirements on the authorisation and operation of a discretionary account under the Code of Conduct.
In deciding the sanction, the SFC took into account that Wong’s misconduct lasted for two-and-a-half years, his clean disciplinary record and his cooperation with the commission.
Wong had been licensed to dealing in securities and futures contracts. He was accredited to CPYI, Core Pacific-Yamaichi Securities (HK) and Core Pacific-Yamaichi Futures (HK) between 12 October 2011 and 29 September 2014. Wong is currently not licensed by the SFC.